The pace at which rents increase will soon outstrip house price growth as the property market boom ends and rising prices force people to rent for longer, new analysis has shown.
Rents will climb 5pc per year from now until 2027 as the cost of living crisis shuts buyers out of the housing ladder – boosting demand for rental property – according to a survey by the Royal Institution of Chartered Surveyors, a trade body. House price growth will slow to just 4pc per year over the same time period.
Estate agents reported that demand from buyers has fallen for the first time in nine month – the latest signal that the property market boom is ending, as interest rate rises push up mortgage costs.
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